Emmanuel Macron Advocates for Global Cooperation to Tackle Economic Imbalances

French President Emmanuel Macron called for enhanced global cooperation with emerging economies to address economic instability. At the World Economic Forum, he emphasized economic sovereignty and strategic cooperation, warning against trade wars and protectionism. He highlighted imbalances caused by US overconsumption, Chinese underconsumption, and European underinvestment.

In a compelling address at the 56th Annual Summit of the World Economic Forum, French President Emmanuel Macron urged the world's major economies to foster greater cooperation with emerging economies, such as those in the BRICS and G20 groups, amid escalating global economic imbalances and challenges.

Macron underscored the urgent need for enhanced economic sovereignty and a more strategic economy, focusing on Europe, to navigate the current turbulence across security, defense, and economic sectors. He warned against the perils of trade wars and protectionist policies, which he claimed ultimately result in widespread detriment.

The President highlighted American overconsumption, Chinese underconsumption and overinvestment, combined with European underinvestment, as significant contributors to these imbalances. As France chairs the G7 this year, Macron views the summit as a pivotal platform to restore dialogue among major economies and promote collective solutions.

(With inputs from agencies.)